Union leaders say they don't want it to come to this and are hoping they can find other ways to cut back and close the gap.

?It's a worse case scenario that these layoffs come down to. Everybody is trying to do their part to avoid that and I'm optimistic that something is going to work out,? says Roger Taranto, of the Teamsters Local 456.

The finance board will hold two public hearings on the issue. The hearings are set to take place Jan. 26 and March 17.